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Euro Rose To AnTitle:
Q&A: Is this the end of the road for the gold rush?
(Reuters) - Growth is stalling, the euro zone is flailing, the Fed is spent and risk markets are melting down -- yet gold, the one asset that has consistently rallied in similar circumstances over the past year, is in a tailspin.
After a month of unprecedented volatility that has rattled some investors' confidence in gold's decade-long winning streak, the question is obvious: Is this what the popping of a gold bubble looks like?
The answer, of course, isn't obvious. The bursting of asset bubbles is best seen in retrospect, and gold's 10 percent decline from a record high just three weeks ago is far from its worst tumble; it last suffered such a setback in late 2009, and multiple times in 2008. It is only halfway to the 20 percent mark that separates a correction from a bear market.
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Stocks, commodities dive on recession fears
(Reuters) - World stocks fell to 13-month lows and commodities tumbled on Thursday as weak data from China crystallized investor fears of a global recession one day after a grim economic outlook from the Federal Reserve.
The U.S. dollar climbed to a seven-month high against major currencies .DXY as investors fled risky assets and sought safety in Treasuries, where benchmark yields again touched lows not seen in 60 years.
Data showing contraction in China's manufacturing sector for a third straight month helped drive down oil prices by more than 4 percent and sent the price of copper to a one-year low. Weak euro zone data added to the gloom.
Even gold, a traditional safe haven, dropped nearly 5 percent to its lowest level in nearly one month as the dollar strengthened. The slump raised ...
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Recession fears hammer stocks, commodities
(Reuters) - World stocks and commodities tumbled on Thursday as weak data from China crystallized investor fears of a global recession one day after a grim economic outlook from the U.S. Federal Reserve.
Stocks tumbled more than 4 percent and commodities took a beating. The U.S. dollar climbed to a seven-month high against major currencies .DXY as investors fled risky assets.
Weak data from Germany and China helped push investors to the safety of U.S. government bonds, where benchmark yields again touched lows not seen in 60 years.
Data showing contraction in China's manufacturing sector for a third straight month helped drive down oil prices by more than 4 percent in London and sent the price of copper to a one-year low.
Gold, a traditional safe haven, slumped more than 3 percent as ...
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Gold slides as strong dollar pummels commodities
(Reuters) - Gold fell by more than 3 percent on Thursday, set for its largest monthly decline since January, after the Federal Reserve's move to boost U.S. growth lifted the dollar, which battered the commodities complex.
Adding to the pressure was a key gauge of Chinese manufacturing that showed a third consecutive month of contraction, which sent palladium to its lowest in 10 months.
The Reuters-Jefferies CRB index of commodities .CRB was set for its biggest one-day slide since the "flash crash" in raw materials prices in early May this year.
Warning of "significant" downside economic risks, the U.S. central bank said it would launch a $400 billion program to shift its $2.85 trillion balance sheet more heavily toward longer-term debt.
The decision, while widely-expected, disappointed ...
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Oil slides $5 on economic gloom, dollar
(Reuters) - Oil prices fell by more than $5 a barrel on Thursday with U.S. futures touching $80.25 a barrel, as a combination of dismal signals heightened worries about global economic growth and a rallying U.S. dollar added to downward momentum.
Investors were rattled by the U.S. Federal Reserve's statement that the world's largest oil consumer faced significant downside risks, and analysts worried measures to kick-start growth would be insufficient.
Adding to gloom, a slowdown in China and the worst euro zone private sector growth in over two years cast clouds over the outlook for the global economy.
"It's a combination of no QE3, low economic growth, China's PMI falling and European PMI data either slightly or widely below expectations," said Thorbjrn Bak Jensen, an analyst at A/S ...
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World stocks tumble 4 percent on economic worries
(Reuters) - A grim economic outlook from the U.S. Federal Reserve and signs of slowing growth in China and Germany drove world stocks down more than 4 percent on Thursday, prodding investors into the safe-haven U.S. dollar and government bonds.
The U.S. dollar climbed to a seven-month high against a basket of major currencies as investors dumped riskier trades in favor of the world's most liquid currency.
The sharp rally in the dollar pushed down U.S. crude oil prices by more than 5 percent, while gold fell nearly $50 an ounce in a broad retreat in the commodities sector.
U.S. stocks were sharply lower in early trading and European shares fell more than 4 percent to a two-year low, dragging an index of global equities to a one-year trough.
"Hidden behind the Greek drama over the past ...
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Jobless claims fall but recession still feared
(Reuters) - Americans filed fewer new claims for jobless benefits last week, but the decline was not enough to dispel worries the economy was dangerously close to falling into a new recession.
Applications for unemployment benefits dropped to 423,000 in the week ending September17 from an upwardly revised 432,000 the prior week, the Labor Department said on Thursday.
Analysts polled by Reuters had expected claims to fall last week to 420,000.
With fears mounting in the country that a new recession is at the door, the Federal Reserve on Wednesday warned of "significant" risks to the economy as it launched a new plan to boost growth through cheaper borrowing costs.
"(The data) suggests that job growth this month is probably not going to be stellar," said Rudy Narvas, and economist at ...
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Dollar rallies, economy gloom prompts risk aversion
(Reuters) - The dollar rallied broadly on Thursday, hitting an eight-month high versus the euro as escalating concerns about downside risks to the global economy prompted investors to dump riskier units in favor of the world's most liquid currency.
A warning by the U.S. Federal Reserve that the global economy may deteriorate and ongoing speculation about a Greek debt default pushed the euro to $1.3421, its weakest since January, while it plumbed a 10-year low versus the yen.
The dollar jumped as high as 78.594 versus a currency basket, its highest since February, and made gains across the board as escalating risk aversion sparked heavy selling of emerging currencies.
"The Fed is just one element that has contributed to the sell-off (along with) concerns about the euro zone and banks' ...
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U.S., China, Germany slumps hammer stocks
(Reuters) - A grim outlook for the U.S. economy from the Federal Reserve and signs of a slowing in China and Germany sent world stocks tumbling on Thursday and drove investors into safer currencies and government bonds.
European stocks fell more than 4 percent to a two-year low, helping drag global equities to a fresh one-year low. Wall Street looked set for sharp losses at the start.
The dollar rose to a seven-month high against major currencies as a broad sense of aversion to risk swept through financial markets.
The Fed set the ball rolling on Wednesday when it launched "Operation Twist," a plan to lower borrowing costs by selling or not renewing short-term debt in favor of longer bonds.
The move was expected, but the Fed's statement of the rationale behind it was stark. There were " ...
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